HANOVER (dpa-AFX) - German re-insurer Hannover Re (HVRRY.PK, HVRRF.PK) reported that its group net income for the first nine months of the fiscal year 2024 increased by 30.4% to 1.8 billion euros from last year. The increase was additionally influenced by a positive one-off tax effect of 120 million euros. Earnings per share was 15.13 euros compared to 11.60 euros in the prior year.
The operating profit (EBIT) was boosted by 33.3% to 2.4 billion euros from the prior year.
Reinsurance revenue (gross) grew by 6.4% to 19.7 billion euros from the previous year. Growth of 7.0% would have been booked at unchanged exchange rates.
For 2024, Hannover Re expects to grow the reinsurance revenue in total business by more than 5% based on constant exchange rates.
Hannover Re raised its full-year 2024 profit target to around 2.3 billion euros from the original guidance level of at least 2.1 billion euros.
Hannover Re's dividend strategy remains unchanged. The ordinary dividend is expected to increase year-on-year over the 2024-2026 strategy cycle.
Hannover Re anticipates Group net income of around 2.4 billion euros for the 2025 financial year.
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